Comments

http://wizbangblog.com/ Adjoran

Lost it on “Draghi’s bond rescue plan” – which is to once again assert he will do whatever it takes to ensure the stability and survival of the euro and its membership, even if that involves another dozen public assertions of his determination to do whatever it takes.

All eyes are on the ECB, mainly looking for a magic solution such as the sudden discovery of a real Money Tree. But also for Draghi’s perfunctory declaration that he will pay any price, bear any burden, make any number of public declarations, etc., to assure the world that math no longer matters.

They are also expected to say something about the future purchase of national bonds, obviously the first solution since it has been working so spectacularly well for the EU and USA so far.

Also, it is predicted that they will have stern words for politicians in the EU and elsewhere to get their fiscal houses in order, man up and reduce deficits, and so on. Failure to do so will result in an even more sternly worded letter to follow, and continued reticence may result in a reprimand in the sternest possible terms.

And, they may decide to lower interest rates. France is already demanding a premium for its bonds instead of paying interest, even though they are the next big basket case looming on the horizon – the red isn’t the dawning sun, it’s the ink on their balance sheets.

But – Glory, glory, hallelujah – the markets await these profound pronouncements with eager anticipation, as if any of it might affect the economy. We’ve stepped through the looking glass, Milo.

http://thecampofthesaints.org Bob Belvedere

I don’t know about you, but those sternly worded letters scare the crap out of me. #Nightmares